This week, we are looking at what is happening in the real estate market for single family homes in the city of Lynnwood. Lynnwood is home to many professionals who work in Seattle and is also considered a “hub city” of South Snohomish County due to all of the retail shopping in the area. The cool thing about Lynnwood is that being just north of Seattle, it is an easy commute to the city but also minutes from the ferries, mountains, wineries and an ideal gateway to nearly everything the Northwest has to offer. As the greater Seattle area continues to grow, Lynnwood is already seeing a marked increase in new developments as well as a desirable place to own a home! My prediction is that Lynnwood home prices will continue to see an increase and is a smart choice for a great long term investment. With that, what does the market look like?
As of August 25th, 2014 there are 66 active listings for single family homes in Lynnwood. The price range is $229,990-1.4 million with the median list price being approximately $419,000. In July 2014, there were 209 homes for sale, with 88 homes sold and 103 pended. In the last 90 days there have been 122 homes sold, which brings the months supply of inventory to 1.8 months based on closed sales. This number changes when pending sales are considered, but the numbers indicate that it is still what is considered a “sellers market”.
The graph below displays months of inventory in Lynnwood through July, notice the spike in January/February. The months of inventory here are still not above 6 months, which is what is considered a balanced market. It will be interesting to see what happens as the economy continues to improve and we also continue to see growth in the greater Seattle area. We are in a very exciting time in real estate and I will continue to keep all of you updated on what is unfolding!